2024 Predictions: A Glimpse into the Future

Impact on Sales and Marketing Models in 2024

The landscape of healthcare, always a topic of intrigue and constant evolution, has transformed significantly over the past few years. As Alexander Group anticipated, the rapid advancements in technology and shifts in patient needs have reshaped healthcare. From the role of Artificial Intelligence (AI) to the consumerization of healthcare, let’s dive into what you can expect in 2024 and how these trends will impact traditional sales and marketing models. We predict that in the year ahead the most prominent “hot topics” will be:

• Rise of AI
• Weight loss drugs (such as Wegovy and Ozempic)
• Customer success mindset
• Consumerization of healthcare

The Rise of AI in Healthcare

Technology continues to advance at a rapid pace with AI standing out as one ground-breaking technology. AI holds the potential to expedite product development and improve patient care. However, given the regulated and conservative nature of healthcare, AI adoption will significantly lag other industries. With that said, companies will continue to introduce AI products. In many cases, new commercial organizations will be needed to market and sell AI products. To sell innovative technologies, innovative commercial models are needed.

The Weight Loss Drug Craze

The GLP-1 and weight loss drug craze have the potential to significantly disrupt the status quo. During the second half of 2023, these new therapeutics received daily press coverage, and the manufacturers of weight loss therapeutics have seen significant revenue increases. On the other hand, medical device manufacturers have seen their valuations fall as fears of lower sales increase on everything from diabetes products to knees and hips. Continued innovation will disrupt markets that have historically been relatively predictable. Thus, companies will need to stress the value of their products to ensure the success of their new therapeutics and technologies.

Prioritizing Customer Success

Healthcare businesses looking to stay competitive in the market must prioritize providing support to their customers when and where they need it. This means deploying a customer success mindset, which can be achieved by streamlining the process of doing business for providers when selecting healthcare products and services, and developing support mechanisms, ranging from digital clinical training to patient support programs.

Additionally, retaining your traditional customer-facing resources and avoiding attrition is essential. Experienced sellers and clinical resources are the backbone of an effective customer success mindset. Companies with above-average turnover have higher customer churn. High-performing customers have more than 50% of sellers meeting or exceeding quota, which aligns with a customer success culture.

The Consumerization of Healthcare

As healthcare has become more accessible and information is at consumers’ fingertips, more consumers seek direct healthcare products and services from retailers. While most still value the relationship with their physicians, it’s much easier to get healthcare needs met in other settings–from urgent care and telehealth to pharmacy-provided vaccinations. The holy grail will occur when electronic health record (HER) systems can seamlessly communicate with each other, and consumers can access all health records across all physicians in one spot.

The consumerization of healthcare is creating new products and services reliant on sales and marketing models that did not exist just a few years ago. Payors, providers, employers and consumers are all focal points when selling and marketing healthcare products and services.

The Next “Hot Topic” of 2024 for Healthcare

The healthcare system has spent the past few years desperately trying to recover from the upheaval caused by COVID. Will 2024 be the year of relative normalcy sought by most in healthcare?

As these trends continue to evolve, the potential for innovation and growth within the healthcare industry has never been higher. Moving into 2024, healthcare organizations that can adapt to these changes and seize these opportunities will be well-positioned for success.

For companies selling MedTech, digital health, pharmaceutical and even health insurance products, new commercial capabilities must be built to adapt to our changing markets. As new products and services are launched, companies will need to continually innovate their commercial models. Technology is quickly outdating traditional healthcare sales and marketing models. Don’t get left behind!